Prospect Capital Corp Files 2024 Annual Report

Ticker: PSEC-PA · Form: 10-K · Filed: Aug 28, 2024 · CIK: 1287032

Prospect Capital Corp 10-K Filing Summary
FieldDetail
CompanyProspect Capital Corp (PSEC-PA)
Form Type10-K
Filed DateAug 28, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.001, $5.99, $7.86 billion, $750 million, $1 billion
Sentimentneutral

Sentiment: neutral

Topics: annual-report, financials, securities

Related Tickers: PSEC

TL;DR

PSEC filed its 2024 10-K. All the deets on their financials are in there.

AI Summary

Prospect Capital Corporation filed its annual report for the fiscal year ended June 30, 2024. The company, incorporated in Maryland, is registered with the SEC under file number 814-00659 and trades on the NASDAQ Global Select Market under the symbol PSEC. Its principal executive offices are located at 10 East 40th Street, New York, NY. The filing details its common stock and various series of preferred stock.

Why It Matters

This 10-K filing provides a comprehensive overview of Prospect Capital Corp's financial performance and operations for the past fiscal year, offering insights for investors and stakeholders.

Risk Assessment

Risk Level: medium — As a business development company, Prospect Capital Corp operates in a sector with inherent financial risks related to investment performance and market volatility.

Key Numbers

  • June 30, 2024 — Fiscal Year End (Reporting period for the annual report)

Key Players & Entities

  • PROSPECT CAPITAL CORP ORATION (company) — Registrant
  • Maryland (location) — State of incorporation
  • 814-00659 (other) — Commission File Number
  • 10 East 40th Street, 42nd Floor (location) — Principal executive offices address
  • New York, New York (location) — Principal executive offices city/state
  • 10016 (other) — Principal executive offices zip code
  • 212-448-0702 (other) — Registrant's telephone number
  • PSEC (stock_symbol) — Common Stock trading symbol
  • NASDAQ Global Select Market (exchange) — Exchange for Common Stock
  • 5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock (security) — Registered security

FAQ

What is the primary purpose of this Form 10-K filing?

This Form 10-K is an annual report filed by Prospect Capital Corporation pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, for the fiscal year ended June 30, 2024.

What is Prospect Capital Corporation's commission file number?

Prospect Capital Corporation's commission file number is 814-00659.

On which exchange is Prospect Capital Corporation's common stock traded?

Prospect Capital Corporation's common stock, par value $0.001 per share, is traded on the NASDAQ Global Select Market under the trading symbol PSEC.

What is the address of Prospect Capital Corporation's principal executive offices?

The principal executive offices of Prospect Capital Corporation are located at 10 East 40th Street, 42nd Floor, New York, New York 10016.

Does Prospect Capital Corporation have any registered preferred stock?

Yes, Prospect Capital Corporation has several series of preferred stock registered, including 5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock (trading symbol PSEC PRA on NYSE), and various other series like 5.50% Series A1, 5.50% Series AA1, and floating rate series.

Filing Stats: 4,453 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-08-28 16:43:17

Key Financial Figures

  • $0.001 — ich registered Common Stock, par value $0.001 per share PSEC NASDAQ Global Select Mar
  • $5.99 — ed on the closing price on that date of $5.99 on the NASDAQ Global Select Market). Fo
  • $7.86 billion — of the largest BDCs with approximate ly $7.86 billion o f total assets as of June 30, 2024.
  • $750 million — anies with annual revenues of less than $750 million and enterprise values of less than $1 b
  • $1 billion — lion and enterprise values of less than $1 billion. Our typical investment involves a secu
  • $250 million — nt involves a secured loan of less than $250 million. We also acquire controlling interests

Filing Documents

Forward-Looking Statements

Forward-Looking Statements 1 PART I Item 1.

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 31 Item 1B. Unresolved Staff Comments 77 Item 1C. Cybersecurity 77 Item 2.

Properties

Properties 78 Item 3.

Legal Proceedings

Legal Proceedings 78 Item 4. Mine Safety Disclosures 79 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 80 Item 6. [Reserved] 93 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 94 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 127 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 129 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 243 Item 9A.

Controls and Procedures

Controls and Procedures 243 Item 9B. Other Information 245 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 246 PART III Item 10. Directors, Executive Officers and Corporate Governance 246 Item 11.

Executive Compensation

Executive Compensation 247 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 247 Item 13. Certain Relationships and Related Transactions, and Director Independence 247 Item 14. Principal Accountant Fees and Services 247 PART IV Item 15. Exhibits and Financial Statement Schedules 248 Item 16. Form 10-K Summary 283

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains information that may constitute "forward-looking statements." Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," "should," "could," "may," "plan" and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to volume growth, share of sales and earnings per share growth, and statements expressing general views about future operating results—are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in Part I, "Item 1A. Risk Factors" and elsewhere in this report and those described from time to time in reports that we have filed or in the future may file with the Securities and Exchange Commission. The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning: our, or our portfolio companies', future operating results; our business prospects and the prospects of our portfolio companies; the return or

Business

Item 1. Business In this Annual Report, the terms "Prospect," "the Company", "we," "us" and "our" mean Prospect Capital Corporation and all entities included in our consolidated financial statements, unless the context specifically requires otherwise. General Prospect is a financial services company that primarily lends to and invests in middle market privately-held companies. We are a closed-end investment company incorporated in Maryland. We have elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940 (the "1940 Act"). As a BDC, we have elected to be treated as a regulated investment company ("RIC"), under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). We were organized on April 13, 2004, and were funded in an initial public offering completed on July 27, 2004. We are one of the largest BDCs with approximate ly $7.86 billion o f total assets as of June 30, 2024. We are externally managed by our investment adviser, Prospect Capital Management L.P. ("Prospect Capital Management" or the "Investment Adviser"). Prospect Administration LLC ("Prospect Administration" or the "Administrator"), a wholly-owned subsidiary of the Investment Adviser, provides administrative services and facilities necessary for us to operate. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. We invest primarily in senior and subordinated secured debt and equity of private companies in need of capital for acquisitions, divestitures, growth, development, recapitalizations and other purposes. We work with the management teams or financial sponsors to seek investments with historical cash flows, asset collateral or contracted pro-forma cash flows. We currently have four primary strategies that guide our origination of investment opportunities: (1) lending to companies, including companies controlled by private equity sponsors and not

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